NZD/USD bears the burden of US dollar bounce above 0.7100

NZD/USD extends Friday’s pullback from the highest in four weeks, teases intraday low off-late.
Market sentiment dwindles amid quiet Asian session.
Chatters surrounding US infrastructure spending, trans-Tasman travel bubble and covid gain major attention.
Risk catalysts to remain as the key amid a light calendar on Monday.

Anil Panchal FXStreet

NZD/USD takes offers around 0.7127, down 0.10% intraday, during early Monday. In doing so, the kiwi pair respects the US dollar rebound, amid a risk-off mood, while declining for the second consecutive day.

The US dollar index (DXY) portrays a corrective pullback from the lowest in a month, flashed on Friday, while picking up bids near 91.68, up 0.16% on a day. The greenback’s latest gains could be traced from the downbeat performance of S&P 500 Futures, -0.24% intraday by the press time, as well as mildly offered US Treasury yields.

Although the Asian trading session remains quiet amid a lack of major catalysts, talks that US President Joe Biden will have to lower his tax hike target for the bipartisan approval to his $2.25 trillion infrastructure spending plan seemed to have weighed on the sentiment. Also on the risk-negative side could be the coronavirus (COVID-19) fears in Europe and Asia.

Alternatively, the opening of national boundaries between Australia and New Zealand, coupled with the return of no quarantine rule for travelers of the key Pacific trading partners, should have challenged the risk-off mood. Also on the positive side are the upbeat US data and faster vaccinations in the US and the UK, which in turn propel the economic recovery hopes.

Earlier in the day, New Zealand’s Business NZ PSI grew beyond upwardly revised 49.7 prior readings to 52.4 in March.

Moving on, a lack of major data/events on the calendar will keep NZD/USD traders directed towards the risk news for fresh impulse. Among them, US infrastructure spending and the covid will be the key to watch.

Technical analysis

A clear break below the confluence of 50-day and 100-day SMA, around 0.7150-55, keeps NZD/USD sellers hopeful.

additional important levels

Overview
Today last price	0.7129
Today Daily Change	-7 pips
Today Daily Change %	-0.10%
Today daily open	0.7136

Trends
Daily SMA20	0.7042
Daily SMA50	0.7157
Daily SMA100	0.7145
Daily SMA200	0.6911

Levels
Previous Daily High	0.718
Previous Daily Low	0.7131
Previous Weekly High	0.7181
Previous Weekly Low	0.7004
Previous Monthly High	0.7308
Previous Monthly Low	0.6943
Daily Fibonacci 38.2%	0.715
Daily Fibonacci 61.8%	0.7161
Daily Pivot Point S1	0.7118
Daily Pivot Point S2	0.71
Daily Pivot Point S3	0.707
Daily Pivot Point R1	0.7167
Daily Pivot Point R2	0.7197
Daily Pivot Point R3	0.7215

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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